Finland’s largest planned green hydrogen project collapses as no buyers emerge for remaining assets

The proposed €700 million green hydrogen plant in Kokkola, central Finland, has definitively failed after the bankrupt estate of developer Flexens found no buyers—even for its most valuable environmental assessment materials, liquidators confirmed on Wednesday.

According to Pauliina Tenhunen, the bankruptcy estate administrator from law firm Castrén & Snellman, attempts to sell the project’s assets—including its partially completed environmental impact assessment (YVA)—did not attract serious offers. While the YVA programme had been approved by authorities, the full assessment report remained unfinished.

Flexens Kokkola, the project company, filed for bankruptcy in early 2025 after its parent company collapsed the previous summer. Last autumn, a few potential buyers showed initial interest, but negotiations never progressed.

The plant, planned for Kokkola’s industrial zone, was intended to produce hydrogen and ammonia via electrolysis, employing several dozen workers by its 2027 launch. The city’s development director, Jonne Sandberg, confirmed the reserved land allocation has now lapsed.